This page was written, edited, reviewed & approved by Emil J. Fleysher following our comprehensive editorial guidelines. Emil J. Fleysher, the Founding Partner, has 15+ years of legal experience as a bankruptcy attorney. Our last modified date shows when this page was last reviewed.
Declaring bankruptcy is a major financial decision and often not an easy one to make. You may think that filing bankruptcy means losing all your hard-earned assets. But this is not always the case. Unlike Chapter 7 bankruptcy, Chapter 13 bankruptcy allows you to retain your non-exempt assets while repaying your creditors over time. However, Ch. 13 bankruptcy is a complicated and intricate legal process.
If you're planning to file for Chapter 13 bankruptcy in Jacksonville, it's crucial to have an experienced and knowledgeable Jacksonville Chapter 13 bankruptcy lawyer guide you through the process.
The Fleysher Law has extensive experience handling Chapter 13 bankruptcy cases in Jacksonville and can help you navigate the complex legal process to a confirmed plan of reorganization and discharge. Call our toll-free 24-hour line at (888) 886-0020 to schedule your free consultation with us.
Jacksonville Chapter 13 Bankruptcy Lawyer Representing Clients Throughout Florida
Chapter 13 Bankruptcy is also known by many as the wage earner's plan bankruptcy because it's specifically designed for people with a regular income. This may be the best route if you fall behind on your bills and don't qualify for Chapter 7.
In a Chapter 7 bankruptcy, your non-exempt assets are taken to repay your creditors. But in Chapter 13, you can pay creditors what you owe over three to five years through a court-approved repayment plan.
This characteristic of Chapter 13 bankruptcy makes it closely similar to Chapter 11 or reorganization bankruptcy. The primary difference is that Chapter 11 bankruptcies are for businesses, while Chapter 13 is reserved for individuals.
Speaking with Jacksonville bankruptcy lawyers can help you identify which type of bankruptcy is ideal for your situation.
In general, anyone who doesn't fit into the criteria of Chapter 7 bankruptcy is eligible for a Chapter 13. Those with a consistent and reliable monthly income who want to pay off their debts but need ample time to do so can file for Chapter 13.
Chapter 13 bankruptcy provides multiple benefits to the person filing bankruptcy. This includes:
The advantages and disadvantages of this bankruptcy are outlined in the United States Bankruptcy Code Chapter 13. However, interpreting this document can be complicated, so you must confer with professional Jacksonville lawyers about your current situation.
As established above, not everyone can qualify for Chapter 13 bankruptcy, and the law regulates the criteria that debtors must meet to file for this type of bankruptcy. The Chapter 13 bankruptcy relief is usually for:
Florida Chapter 13 attorneys can help you identify your eligibility with this form of debt relief.
The process will probably take around 95 days, excluding the 3 to 5 years repayment term. Because of this extensive process, seeking assistance from attorneys in Jacksonville can be vital to ensure a successful outcome.
Filing a Chapter 13 bankruptcy creates an obligation for you to complete your payment plan. This obligation means you must earn consistent monthly income during your payment term. You'll need to notify the trustee and creditors if your income changes or decreases. The court may then modify your payment plan.
Furthermore, incurring debts while under the repayment plan could jeopardize the established repayment schedule. Because of this, consulting with your appointed bankruptcy trustee and attorney is essential before taking on new debt.
After you complete your repayment plan with a Chapter 13 bankruptcy, the court may allow you to file for another Chapter 13 case. The time frame for filing again may differ depending on what type of bankruptcy you want to file next.
If you're facing this situation, discussing your plan with one of our Jacksonville bankruptcy attorneys can help you understand the process and its corresponding time frame.
Fleysher Law is a full-service bankruptcy law firm handling bankruptcy cases for over a decade. We have a proven track record of success and are here to help you at every step.
Here's why you should choose us to handle your case:
Declaring bankruptcy may be scary for some, but it doesn't have to be with the right representation. If you're considering filing for Chapter 13 bankruptcy in Jacksonville, we got your back.
Schedule your free initial consultation with our Jacksonville Chapter 13 bankruptcy lawyer today at (888) 886-0020. Online scheduling is also available by accomplishing our website's contact form.
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How much does a lawyer charge for Chapter 13 in Florida?
In Chapter 13 bankruptcy cases within the Middle District of Florida, the standard attorney fee is generally $4,500. Consequently, the majority of attorneys in this region adhere to this presumptive fee. Overall, attorney fees for Chapter 13 cases typically fall within the range of $3,000 to $5,000.
How much does it cost to file bankruptcy in Jacksonville, Florida?
Bankruptcy filing fees in the US Courthouse for Chapter 7 total $338, comprising a $245 filing fee, $78 administrative fee, and $15 trustee surcharge. Chapter 13 filing fees amount to $313, including a $235 filing fee and $78 administrative fee.
How do you survive Chapter 13 bankruptcy?
A successful Chapter 13 bankruptcy hinges on your ability to adhere to the repayment plan. This plan is determined by two key factors: the total debt you are required to repay and your current income or capacity to pay off your debts. In essence, if you cannot consistently make the scheduled payments outlined in your plan, the bankruptcy will not be viable.
What is the income limit for filing Chapter 13 in Florida?
Although Chapter 13 bankruptcy has no income cap, it does have debt restrictions. For a smoother bankruptcy process, Fleysher Law recommends consulting with a Florida bankruptcy attorney.
How long does Chapter 13 take in Florida?
Florida bankruptcy case timelines vary significantly depending on the chapter filed. Chapter 7 bankruptcy, or liquidation bankruptcy, usually concludes within one year, while Chapter 13, or reorganization bankruptcy, involves a three to five-year repayment plan.
Is Chapter 13 cheaper?
Filing for Chapter 13 bankruptcy entails a significantly greater time and effort commitment from the debtor's attorney, resulting in associated costs that are frequently double or higher than those of a Chapter 7 filing. This process is also substantially more protracted.
Do you lose your house if you file bankruptcy in Florida?
You may possibly lose some assets if you file for Chapter 7. In Florida, we have a very extensive homestead exemption, it's unlimited, so your home is protected.
Can I file bankruptcy without a lawyer in Florida?
Only attorneys can give legal advice. Bankruptcy filings and court appearances without legal representation are limited to individuals, including married couples. This page offers self-represented parties access to information regarding the bankruptcy process and specific local procedures.
How much debt do you need to file bankruptcy in Florida?
Debt minimums do not exist for bankruptcy filings. While maximum debt limits vary by the Chapter you file under, general eligibility and whether bankruptcy is the right path for you can be determined through other means.
How fast can you recover from Chapter 13?
Chapter 13 bankruptcy filings and the associated accounts typically remain on credit reports for approximately seven years from the filing date. Accounts ineligible for inclusion in the bankruptcy would be removed at an earlier date.
What will I lose in Chapter 13 bankruptcy?
Chapter 13 bankruptcy necessitates ongoing, substantial monthly payments, typically equivalent to your disposable income, which represents a significant drawback.
What is the debt limit for Chapter 13?
In 2020, Chapter 13 bankruptcy eligibility required unsecured debt to be under $465,275 and secured debt under $1,395,875. These limits ensure Chapter 13, which allows debt repayment over 3-5 years while protecting assets, is used by those with manageable debt. Those exceeding these limits may need to consider other bankruptcy options like Chapter 7. These figures are specific to 2020 and are subject to change.
Can I sell my house while in Chapter 13 in Florida?
Selling your house during bankruptcy requires explicit approval from the bankruptcy court. This court authorization is necessary to guarantee the sale adheres to your bankruptcy plan. Proceeding with the sale involves significant planning and requires legal assistance.
Do you get money back after Chapter 13 discharge?
If a Chapter 13 case is dismissed before completion, the bankruptcy trustee may hold funds that have not yet been distributed to creditors. These funds are generally refunded to the debtor, minus administrative fees and trustee costsIn the event a Chapter 13 bankruptcy case is dismissed prematurely, the bankruptcy trustee may still possess undistributed funds. Typically, these funds, less administrative fees and trustee expenses, are returned to the debtor.
How much cash can you have in Chapter 13?
Federal exemptions allow you to retain up to $2,025 in cash, encompassing a $550 standard exemption and a $1,475 wildcard exemption. Additionally, typically protected are 75% of recent earnings and all Social Security benefits. Navigating Chapter 13 bankruptcy can be complex.
Emil specializes in consumer bankruptcy, debt settlement, and mortgage modification, offering a holistic approach to solving mortgage and debt problems. Emil listens to clients, understands their circumstances and goals, and helps them make the right choices by presenting all options and contingencies.Â
He is dedicated to helping South Floridians regain their financial freedom from overwhelming debt caused by high interest credit cards, bad mortgage loans, and uninsured medical expenses.
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